Chalice Mining : Annual General Meeting Presentation 2021

ASX: CHN | OTCQB: CGMLF

2021 Annual General Meeting

Managing Director and Chief Executive Officer Presentation

9.00am AWST,

Wednesday, 24 November 2021

Forward looking statements and competent person(s) disclosure

This presentation does not include all available Information on Chalice Mining Limited and should not be used in isolation as a guide to investing in the Company. Any potential investor should also refer to Chalice Mining Limited's Annual Reports, ASX/OTCQB releases, filings on sedar.com and take independent professional advice before considering investing in the Company. For further information about Chalice Mining Limited, visit our website at chalicemining.com

Forward-Looking Statement

This presentation may contain forward-looking information, including forward looking information within the meaning of Canadian securities legislation and forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, forward-looking statements). These forward-looking statements are made as of the date of this report and Chalice Mining Limited (the Company) does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect Company management's expectations or beliefs regarding future events and include, but are not limited to: the impact of the discovery on the Julimar Project's capital payback; the Company's strategy; the estimated timing of drilling in the Julimar State Forest; the Company's intended activities at the Julimar Project; and the success of future mining operations. In certain cases, forward-looking statements can be identified by the use of words such as, "affords", "anticipates", "believe", "considered", "continue", "could", "establishes", "estimate", "expected", "future", "interpreted", "likely", "looking", "may", "open", "plan" or "planned", "potential", "robust", "targets", "will" or variations of such words and phrases or statements that certain actions, events or results may, could, would, might or will be taken, occur or be achieved or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors may include, among others, risks related to actual results of current or planned exploration activities; whether geophysical and geochemical anomalies are related to economic mineralisation or some other feature; obtaining appropriate access to undertake additional ground disturbing exploration work on EM anomalies located in the Julimar State Forrest; the results from testing EM anomalies; results of planned metallurgical test work Including results from other zones not tested yet, scaling up to commercial operations; changes in project parameters as plans continue to be refined; changes in exploration programs and budgets based upon the results of exploration, changes in commodity prices; economic conditions; grade or recovery rates; political and social risks, accidents, labour disputes and other risks of the mining industry; delays or difficulty in obtaining governmental approvals, necessary licences, permits or financing to undertake future mining development activities; changes to the regulatory framework within which Chalice operates or may in the future; movements in the share price of investments and the timing and proceeds realised on future disposals of investments, the impact of the COVID 19 pandemic as well as those factors detailed from time to time in the Company's interim and annual financial statements, all of which are filed and available for review on SEDAR at sedar.com, ASX at asx.com.au and OTC Markets at otcmarkets.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward- looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Disclaimer

Whilst care has been exercised in preparing and presenting this presentation, to the maximum extent permitted by law, the Company and its representatives:

• Make no representation, warranty or undertaking, express or implied, as to the adequacy, accuracy, completeness or reasonableness of this Presentation;
• Accept no responsibility or liability as to the adequacy, accuracy, completeness or reasonableness of this Presentation; and
• Accept no responsibility for any errors or omissions from this Presentation.

Mineral Resources Reporting Requirements

As an Australian Company with securities listed on the Australian Securities Exchange (ASX), Chalice is subject to Australian disclosure requirements and standards, including the requirements of the Corporations Act 2001 and the ASX. Investors should

note that it is a requirement of the ASX listing rules that the reporting of mineral resources in Australia is in accordance with the JORC Code and that Chalice's mineral resource estimates comply with the JORC Code. The requirements of JORC Code differ in certain material respects from the disclosure requirements of United States securities laws. The terms used in this announcement are as defined in the JORC Code. The definitions of these terms differ from the definitions of such terms for purposes of the disclosure requirements in the United States. As a reporting issuer in the province of Ontario, Chalice is also subject to certain Canadian disclosure requirements and standards, including the requirements of NI 43-101. The Julimar Project is a material mineral project for the purposes of NI43-101.

Competent Person and Qualifying Persons Statement

The Information in this presentation that relates to exploration results for the Julimar Project is extracted from the following ASX announcements:

• "High-gradenickel-copper-palladium sulphide intersected at Julimar Project in WA", 23 March 2020
• "Preliminary results from second target at Julimar Project", 24 March 2020
• "Significant nickel-palladium discovery confirmed at Julimar", 15 April 2020
• "Second diamond hole intersects discovery zone at Julimar", 20 April 2020
• "Exciting visual results from deep diamond drill hole at Julimar", 5 May 2020
• "Large-scalePGE system further expanded at Julimar", 11 May 2020
• "High-gradeNi-Cu-PGEs confirmed in discovery zone at Julimar", 25 May 2020
• "Extension of wide, high-gradePGE-Ni-Cu matrix zone at Julimar", 15 June 2020
• "Chalice discovers new high-gradePGE-Cu-Au zone at Julimar", 9 July 2020
• "Significant extension of high-gradePGE-Ni-Cu-Co zones at Julimar", 17 August 2020
• "Positive preliminary metallurgical results at Julimar", 1 September 2020
• "Major new 6.5km-long EM anomaly identified at Julimar", 22 September 2020
• "Significant new PGE-copper-gold horizon defined at Julimar", 6 October 2020
• "Key Private Properties Secured at Julimar", 16 November 2020
• "Significant high-gradePGE-Cu-Au extensions at Julimar", 18 November 2020
• "Chalice secures access to major new targets at Julimar", 4 January 2021
• "Four new high-grade zones defined as Julimar continues to grow", 27 January 2021
• 'More positive results from ongoing metallurgical testwork at Julimar", 16 February 2021
• "New EM Conductors and Nickel-Copper Soil Anomalies at Hartog", 25 March 2021
• "Resource drilling at Julimar delivers further growth in high-grade zones", 22 April 2021
• "Extensive Ni-Cu Soil Anomalism at Julimar" 9 June 2021
• "Resource drilling continues to define continuous high-grade zones at Julimar", 2 July 2021
• "Twelfth High-Grade Zone Defined at Julimar", 2 August 2021
• "Gonneville High-Grade Zones Extended at Depth", 28 September 2021

The information in this presentation that relates to Mineral Resources has been extracted from the ASX announcement titled "Tier-1 Scale Maiden Mineral Resource at Julimar" dated 9 November 2021.

The above announcements are available to view on the Company's website at chalicemining.com

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the original release continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person and Qualified Person's findings are presented have not been materially modified from the relevant original market announcements.

2

A globally recognised specialist explorer and developer

• New tier-1 scale, pit constrained maiden PGE-Ni-Cu-Co sulphide Resource3 for the Gonneville Deposit:

330Mt @ ~0.58% NiEq or ~1.6g/t PdEq for

equivalent to ~1.9Mt NiEq or ~17Moz PdEq

• Largest nickel sulphide discovery worldwide since 2000
• Largest PGE discovery in Australian history
• Highly leveraged to battery (Ni-Cu-Co) and hydrogen (PGEs-Ni) technology adoption
• Gonneville covers only 7% of >26km long Julimar Complex - 24km yet to be tested
• Proven ability to discover and define mines
• ~A$86M2 in cash + investments
• ~6,000% TSR since Julimar discovery in March 2020

1 3E = Palladium (Pd) + Platinum (Pt) + Gold (Au)

2 As at 30 Sept 2021

3 3

3 Refer to full Mineral Resource Statement in Appendix

Chalice has been one of the standout performers in the sector, with a ~6,000% TSR since the Julimar discovery

12.00

Inclusion in

~1.9Mt NiEq or

S&P/ASX200

~17Moz PdEq

Maiden

10.00

Resource at

Large EM-soil

Julimar

anomalies at Hartog

8.00

Inclusion in

$30M placement at

S&P/ASX300

$115M placement

$1.05

6.00

& SPP at $3.75

6.5km Hartog EM

Major discovery

Anomaly defined within

Julimar State Forest

confirmed at Julimar

4.00

25m @ 8.5g/t Pd,

2.0% Ni, 0.9% Cu,

0.11% Co from 46m

2.00 in 1st hole at Julimar

0.00

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Shareholder Value

~650% Total Shareholder	$115 million raised from	Chalice was included	Awarded 'Explorer of the
Return - one of the top	largely institutional	in the S&P/ASX 200	Year' by MiningNews and
performing companies	investors - strong balance	index in June 2021	'Best Emerging Company' by
on the ASX	sheet and capital		the Diggers and Dealers
	discipline maintained		Mining Forum

Operations

Tier-1scale Maiden Resource defined for the Gonneville deposit - 10Moz Pd+Pt+Au, 530kt Ni, 330kt Cu, 53kt Co. Large high- grade component affords

significant optionality in

development

Julimar confirmed as a world-classNi-Cu-PGE Project, host to a strategic deposit of critical 'green metals' - metals needed to decarbonise the global

economy and address

climate change

Several multi-kilometre targets defined along the ~26km Julimar Complex. ~24km of the mafic- ultramafic intrusive complex remains untested with drilling

Expanded our holdings in the West Yilgarn Ni-Cu-PGE Province to >8,000km2, leveraging our competitive

'first mover' advantage

Environment

Approval of first Conservation Management Plan (CMP) and submission of second CMP to enable further exploration

drilling activities within the

Julimar State Forest

Zero reportable environmental incidents

100% compliance of all

environmental licence conditions

Social

~$0.5M spent by Chalice	Stakeholder Engagement Plan
locally plus ~$1.5M spend by	implemented - proactive
contractors in the local shires	information sharing campaigns
surrounding the Julimar	and stakeholder briefings
Project	ongoing	5